Permira drops out of Tussauds Auction

Permira has pulled out of the auction for Tussauds, the waxwork and theme park operator owned by Charterhouse according to a report in the Financial Times. Permira's departure follows Kohlberg Kravis Roberts (KKR) who recently withdrew from bidding. Neither KKR's or Permira's bid put a high enough value on Tussauds compared to its rivals, and neither was prepared to raise its price. This leaves PAI, the French private equity group and BC Partners as the two remaining contenders. The business has an estimated value of around £900m.

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